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Forex: China's Premier Attacks Call For Yuan Appreciation (RTTNews) - Monday, Chinese Premier Wen Jiabao said some countries' call for yuan appreciation is unfair while they are practicing protectionism against China. He added that such actions are aimed at containing China's development. Wen was speaking at the 12th China-EU summit in the east China city of Nanjing. He noted that maintaining a stable yuan during the global financial crisis would not only benefit China's economic development, but also be conducive to the world economic recovery. He reiterated that China will keep the yuan basically stable. Friday, the Political Bureau of the Communist Party of China Central Committee said the government will continue its proactive fiscal policy and moderately easy monetary policy next year, hinting that there will not be any early exit. "We will continue to improve the yuan exchange rate," Wen said. "We will maintain the stability of the renminbi at a reasonable and balanced level," he added. Prime Minister of Sweden Fredrik Reinfeldt, who is the President of the European Council, the President of the European Commission José Manuel Barroso and European Central Bank President Jean-Claude Trichet represented the European Union in the meetings with top-ranking Chinese officials. Sunday, Jean-Claude Juncker, Luxembourg's prime minister, who chairs the Eurogroup, a lobby of Eurozone finance ministers, said, "I can't say I am more optimistic than I was before I came here" on yuan acceleration. "Europeans encouraged Beijing to take a more flexible policy," Trichet said on Sunday. The yuan exchange rate is a matter of concern between China and the European Union. On November 26, the European Union Chamber of Commerce in China said China's industrial overcapacity is wreaking far-reaching damage on the global economy and an exchange rate adjustment could be part of the solution to fight against overcapacity. During mid November, International Monetary Fund Managing Director Dominique Strauss-Kahn said China should allow its currency to rise further. |
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